Swiss Market Settles On Firm Note

(RTTNews) - The Switzerland market closed on a firm note on Friday, in line with markets across Europe, as data showing U.S. consumer prices increased in line with estimates helped ease concerns about the outlook for rate cuts by the Federal Reserve. Investors largely shrugged off U.S. President Donald Trump's announcement of a fresh round of tariffs.

The U.S. President announced that he will impose import tariffs on pharmaceutical drugs, kitchen cabinets and bathroom vanities, upholstered furniture, and heavy trucks.

Trump announced on Thursday that branded pharmaceuticals imported into the U.S. will be levied a 100% tariff, and heavy-duty trucks will be imposed a 25% levy, effective October 1st. He has also proposed levies on kitchen cabinets, bathroom vanities.and upholstered furniture.

The benchmark SMI ended with a gain of 54.00 points or 0.45% at 11,929.80. The index touched a low of 11,867.89 and a high of 11,958.24.

Swiss Re climbed about 2.3%. Zurich Insurance gained 1.55%, Swiss Life Holding moved up by about 1.3%, Holcim gained 1.2%, and Swatch Group ended 1.05% up.

Lindt & Spruengli, ABB, Sika, Sandoz Group, Lonza Group, Julius Baer, Swisscom, Kuehne + Nagel, Geberit and UBS Group also ended higher.

VAT Group tanked nearly 8%. Straumann Holding, Amrize, Logitech International and Roche Holding lost 0.6 to 0.8%.

A closely watched Commerce Department report showed consumer prices increased in line with economist estimates in the month of August.

The report said the personal consumption expenditures (PCE) price index climbed by 0.3% in August after rising by 0.2% in July. The price growth matched expectations. The annual rate of growth by the PCE price index ticked up to 2.7% in August from 2.6% in July, which was also in line with estimates.

The annual rate of growth by the core PCE price index came in at 2.9% in August, unchanged from July and in line with estimates.

The data has helped increase confidence the Federal Reserve will continue lowering interest rates in the coming months.